@Anmol Small finance banks provide basic and limited banking services. Fincare Small Finance bank is one such Small Finance bank having its corportae office in Benagluru, Karnataka. It has already opened a number of branches across India. The primary aim of setting up of these banks was to provide banking to the rural and unbanked sectors in India.
Fincare Small Finance Bank provides products like savings account, current account, fixed deposits and affordable loans etc. Interest rate is also 6% to 7% on savings account.
Further, long term FDs offer interest rate ranging from 8%-9% or even higher for senior citizens based on duration of FD. Presently, they are offering high interest rates on FDs and savings account. These seem to be quite lucrative and attract a number of customers.
But, still one needs to be very cautious before putting money. Just check all the necessary terms and conditions before investing your money. If anyone had a real experience with any of the small finance banks, do share your feedback.